(Supplement) Recording Sales, Returns, and Bad Debts
Use the data presented in P6-2, which were selected from the records of Sykes Company for the year ended December 31, 2011.
Required:
1. Give the journal entries for these transaction. including the write-off of the uncollectible account and the adjusting entry for estimate d bad debts. Do not record cost of goods sold. Show computation s for each entry.
2. Show how the accounts related to the preceding sale and collection activities should be reported on the 20 11 income statement. (Treat sales discounts as a contra-revenue)
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